LONDON - U.S. buyout fund KKR and China’s Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi’s iconic Universal Music division, a deal potentially worth up 20 billion euros , sources told Reuters.
Sell-side banks are expected to be appointed in March, with a process likely to kick off in the second quarter, they said. JPMorgan’s media analyst Daniel Kerven recently described the business as “a unique asset – under-monetised, must-have global content that is strategic to the tech giants and can’t be replicated”. He pegged UMG’s fair value at 44 billion euros.
At the time Vivendi was exploring a possible stock market listing, a plan later shelved amid challenges in eking out big profits in the sector, with many customers still unwilling to pay much for songs they can hear free on the radio, in music blogs or on free apps. But industry bidders may find it hard to negotiate a joint venture deal with Bollore as they would not be able to secure a majority stake and have a meaningful say on UMG’s strategy going forward, the sources said.Some private equity funds including U.S.-based KKR are willing to enter an equity partnership with Bollore and help fund UMG’s international expansion, even if they won’t be able to take full control, the sources said.
For private equity investors the deal offers a high-profile platform to tap into the music industry, which is recovering from a 15-year long downturn and has grown for the past three years.
Source: Entertainment Trends (entertainmenttrends.net)
I hope they don’t get it. What kind of art are we going to have out of a country where you can’t say “gay”? Gay! Gay! Gay! 😂 FreedomOfSpeech freedomofreligion FreddyMercury
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